Job Vacancies, Quits Plunge In July In Stark Sign Of Cooling Trend In The US Labor Market

WASHINGTON (AP) — Businesses posted far fewer open jobs in July and the number of Americans quitting their jobs fell sharply for the second straight month, clear signs that the labor market is cooling in a way that could reduce inflation.

The number of job vacancies dropped to 8.8 million last month, the Labor Department said Tuesday, the fewest since February 2021 and down from 9.2 million in June.

Yet the drop appeared to be even steeper because June’s figure was initially reported as 9.6 million.

That figure was revised lower Tuesday.